H.C. Wainwright has raised its price target on “buy-rated” Can-Fite BioPharma (NYSE MKT:CANF; TASE:CFBI) to $6 from $4. The stock closed at $3.23 on Friday.
“In our view, the company’s piclidenoson programs remain the primary value drivers, with pivotal studies in both rheumatoid arthritis (RA) and psoriasis slated to initiate in 2016, and we expect the RA protocol to be finalized within the next few months,” writes analyst Mark Breidenback.
He said two recent equity raises, totaling $13.8-million, give Can-Fite the cash it needs to fully fund the planned trials without the need for partners to offset trial costs.
“With a late-stage pipeline of A3AR modulators and a pro-forma cash position of $18.8-million (expected to sustain operations until mid-2017), we believe Can-Fite represents an attractive player with upside for the long-term investor,” he added.
Referring to the company’s CF102 drug candidate, which has been granted fast track designation by the FDA, Mr. Breidenback said Can-Fite is currently enrolling approximately 78 liver cancer patients with Child-Pugh Class B cirrhosis who have failed first-line therapy in a randomized Phase 2 trial.
Patient enrollment is expected to be completed in mid-2016, with early efficacy data potentially available by mid-2017. “We believe the new designation could ultimately accelerate registration of CF102 in liver cancer if CF102 can demonstrate a modest overall survival benefit,” he added.
